Buyout Signals That Snyder Likely Keeps Control in D.C.
Irwin Kishner, co-chair of Herrick's Sports Law Group, was quoted in SBJ Football on the news that Washington Football Team owner Daniel Snyder is reportedly buying out the shares of his minority partners, which, according to the article, is being widely interpreted as a sign that his position is secure. The owners must approve the sale and waiver of debt to execute the transaction, which has been approved by the finance committee. The article notes that Snyder and the other owners would not go to the "considerable trouble of financing, negotiating and approving this LP sale if there were another, bigger deal coming down the pike."
"It seems to me if there were going to be a change of control transaction, you might as well have run the process now and get that set," said Kishner. "This is a lot of work to put in the financing, and to put in the transaction and get the approval, just to, in a relatively short period of time, do it all again."